Petrol price may rise above N1,000 per litre – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) says petrol may rise above N1,000 per litre in its retail stations.

NNPCL in a notice released on Monday, estimated prices of petrol (obtained from the Dangote Refinery based on September 2024 pricing) in its retail stations across the country.

The estimated pump prices include Lagos, N950 per litre; Sokoto, N992 per litre; Oyo, N960 per litre; Kano, N999 per litre; Kaduna, N999 per litre; FCT, N992 per litre; Rivers, N980 per litre; and Borno, N1019 per litre, according to the notice.

The company said in line with the provisions of the Petroleum Industry Act (PIA), petrol prices are not set by the government, but negotiated directly between parties.

“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public,” the notice said.